Not Ranked
I, too wanted a 427 side oiler for my black ERA (still do) but I'm just not willing at this time to part with 15 large to get it. I've got a nice running 428 FE that had some problems early on (turned out to be a bad carb) but now runs good and is dependable. Having a nice 390 is just fine for street driving. If having to wait for your 427 S O means not driving your Cobra for another year or two, then you're losing out on a year or two of Cobra fun. Run you 390 until you have the extra funds for the 427. Lots of other things may be important in your life than the bragging rights of a S O.
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"Paint It Black, Black As Night"
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